Home Loan Comparison
ICICI Bank Home Loan vs Bank Of India Home Loan vs Sammaan Capital Home Loan vs Federal Bank Home Loan
Introduction
Finding the right home loan can make a significant difference in your home-buying experience. Let's compare the offerings from ICICI Bank, Bank Of India, Sammaan Capital, and Federal Bank, focusing on their interest rates, loan terms, and additional benefits. This comparison will help you choose the loan that best fits your needs.
Bank Highlights
ICICI Bank Home Loan
- Generous Loan Amount
- Flexible Tenure
- No Foreclosure Charges
- Minimal Documentation
- Instant Provisional Sanction
Bank Of India Home Loan
- Low Interest Rates
- No Hidden Charges
- Minimal Documentation
- Apply Online
- Finish up the process in 15 minutes
Sammaan Capital Home Loan
- •Customized repayment solutions
- All round assistance
- No prepayment charges
- Door step services
- Minimal documentation
Federal Bank Home Loan
- Repayment holiday up to 36 months.
- Optional funding for life insurance
- No pre closure charges
- Maximum funding for your dream house -85% of the project cost.
- Easy top up loans in future.
Disclaimer
The interest rates, maximum tenures, and other charges are subject to change, and it's advisable to check with our experts for the most current information.
Home Loan Calculations
ICICI Bank vs Bank Of India vs Sammaan Capital vs Federal Bank Calculations
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Feature Comparison
Rate of Interest
When exploring home loan options among ICICI Bank, Bank Of India, Sammaan Capital, and Federal Bank, the interest rate is a pivotal factor. ICICI Bank offers rates of 8.75% - 10.00%, making it appealing for those who prefer lower monthly instalments. Bank Of India provides rates of 7.85% - 10.75%, which might lead to considerable savings over the loan's duration. Sammaan Capital presents rates of 8.75% - 10.5%, potentially offering the most economical choice based on your financial goals. Federal Bank offers rates of 8.80%-11.00%, which could be the best fit for cost-conscious borrowers.
Loan Tenure
The length of the loan term can significantly affect your repayment schedule. ICICI Bank offers a maximum tenure of Max 30 Years, ideal for borrowers seeking to minimise their monthly payments. Bank Of India allows for a tenure of up to Max 30 Years, striking a balance between the loan period and total interest paid. Sammaan Capital provides a tenure of Max 30 years, suitable for those who aim to repay their loan sooner. Federal Bank extends tenures up to Max 30 years, offering flexibility for different repayment goals.
Maximum Loan Amount
Your required loan amount is crucial in selecting the right bank. ICICI Bank extends loans up to Upto 5cr, suitable for purchasing high-end properties. Bank Of India offers a maximum amount of Upto 5cr, catering to mid-range investments. Sammaan Capital provides loans up to Upto 5cr, perfect for smaller property acquisitions. Federal Bank offers maximum loans of Upto 15cr, accommodating a variety of property values.
Processing Fees
Initial costs like processing fees can impact your loan's overall affordability. ICICI Bank charges 0.50% of the loan amount, which could influence your starting expenses. Bank Of India imposes 0.25% of the loan amount + GST upto Rs 20,000, Sammaan Capital sets its fee at 0.50% onwards of loan amount, and Federal Bank requires Low processing fees. Comparing these fees is essential to understand the overall expenses involved.
Conclusion
Making a wise choice between the home loans from ICICI Bank, Bank Of India, Sammaan Capital, and Federal Bank involves a careful look at their specific terms. Focus on comparing interest rates, eligibility requirements, loan durations, the highest loan amounts available, and processing fees to select the loan that best suits your financial situation.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.